Mortgage Lenders Reduce Rates Amid Economic Uncertainty
In response to global economic shifts, including recent U.S. tariff announcements, UK mortgage lenders are lowering fixed rates. MPowered Mortgages has reduced its two, three, and five-year fixed mortgage rates, anticipating potential interest rate cuts by the Bank of England. This move aims to stimulate borrowing and support the housing market during uncertain times.
Reversal of Pandemic-Induced Housing Trends: City Living Makes a Comeback
The pandemic-driven migration to coastal and rural areas is reversing. Rightmove data indicates a renewed interest in city living, with London reclaiming its status as the most searched-for location. Homes in coastal regions are taking longer to sell, and price growth in these areas has slowed to an average of 1% annually. This shift reflects changing work patterns and lifestyle preferences as normalcy returns.
Stamp Duty Increase In the UK
Stamp Duty Increase In the UK
The recent adjustment in stamp duty thresholds has influenced buyer behavior. From April 1, first-time buyers in England and Northern Ireland now pay tax on homes valued over £300,000, down from the previous £425,000 threshold. This change led to a surge in transactions before the deadline, followed by a slowdown. Halifax reported a 0.5% decline in house prices in March, with the average property price now at £296,699.